Through the government's full support, the infrastructure, related laws and regulations for biotechnology have gradually reached completion status. The sector has seen active participation in R&D and the setting up of technical cooperation agreements with overseas companies. Taiwan has therefore already reached a commendable level of achievement in the development of its biotechnology industry. To further contribute to the growth of the industry, the government will establish 3-5 biotechnology seed funds, totaling NT$15 billion. These funds will pour massive amounts of capital into the local industry. It is estimated that in the next five years, the annual growth rate for Taiwan's biotechnology industry will be 25 percent, and the industry will attract NT$150 billion in investment. Five hundred biotechnology companies are to be established within the next ten years, with a goal of 18 international large-scale biotech companies being established before 2010. In the future, Taiwan needs to implement a two-pronged strategy: innovative research-orientation and niche-orientation, in order to become a vital cog in global biotechnology. Furthermore, it will look to aggressively develop products that have the most growth potential and which are extremely competitive, laying strong foundations on which future development can build on. |
